The cryptocurrency market has seen few bright spots in the ongoing bear market, but one standout performer has been Ethereum Classic (ETC). Recently, ETC surged past $45, marking a staggering 260.58% increase from its June 19 low of $12.48. This rally has sparked widespread speculation: is the price surge a strategic move to attract Ethereum miners displaced by the upcoming Ethereum 2.0 merge?
With Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) now confirmed for September 19, the fate of millions of PoW mining rigs hangs in the balance. As the network abandons energy-intensive mining, miners are scrambling for alternatives—and Ethereum Classic, with its similar technical framework, has emerged as a leading candidate.
Why Ethereum Classic Is Gaining Momentum
Ethereum Classic shares a common origin with Ethereum. Both chains trace back to the original Ethereum blockchain launched in 2015. However, after a major hack on The DAO in 2016—which led to the loss of $50 million worth of ETH—the community split. One faction supported a hard fork to reverse the damage, forming what we now know as Ethereum (ETH). The other group opposed any tampering with blockchain immutability, continuing on the original chain as Ethereum Classic (ETC).
This philosophical divide persists today. ETC adheres strictly to the principle of “code is law,” rejecting changes even in the face of security breaches. In contrast, Ethereum embraces flexibility, allowing upgrades and forks to improve functionality and security.
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Despite its smaller size, ETC’s compatibility with Ethereum’s pre-merge infrastructure makes it a natural successor for displaced miners. With current network hash rate reaching 29.87 TH/s—a 28.98% jump in just 24 hours—evidence suggests miners are already shifting operations.
Mining Giants Step In: Bitmain Backs ETC with $10 Million
One of the most significant developments fueling ETC’s rise is Bitmain’s recent announcement: a $10 million investment into the ETC ecosystem through its ANTPOOL division. At the World Digital Mining Summit in Miami, ANTPOOL CEO Lv Lei confirmed that funds will support ETC mainnet application development, performance optimization, and long-term ecosystem growth.
This isn’t altruism—it’s strategy. As one experienced miner, Sheng Kaijie (pseudonym), pointed out, Bitmain has a history of backing forked chains like Bitcoin Cash (BCH) to sustain demand for its ASIC miners. With Ethereum abandoning PoW, Bitmain must ensure its hardware remains valuable.
“Raising ETC’s price isn’t just about speculation—it’s about incentive,” said Sheng. “Higher prices mean more mining profitability, which pulls more miners to switch.”
Currently, Ethereum’s total network hash rate sits around 900 TH/s—equivalent to over 30 million GPU miners operating worldwide. If even a fraction of this capacity migrates to ETC, it could dramatically reshape the network’s security and decentralization.
However, not all miners are convinced. Some argue that ETC lacks the infrastructure and market depth to absorb such a massive influx.
Can ETC Handle the Influx of Ethereum Miners?
While ETC offers technical continuity, scalability remains a concern. The network has historically suffered from low adoption and repeated 51% attacks—most notably in August 2020, when attackers gained majority control three times within weeks. These incidents led several major exchanges to delist or suspend ETC trading temporarily.
“ETC is too small to support a migration of this scale,” said miner Xiao Bei (pseudonym). “Even if we switch, it won’t be a long-term solution.”
Xiao Bei also revealed that some mining groups are exploring ETH PoW forks—essentially creating new chains that preserve mining after the merge. While such projects lack clear governance or developer backing, they reflect growing anxiety among miners facing obsolescence.
Still, others see potential in ETC’s revival. With increased investment and hash rate, the network could strengthen its security and attract new developers. Bitmain’s pledge may be just the beginning of broader industry support.
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Core Keywords Driving Market Interest
To understand ETC’s rising relevance, consider these core keywords:
- Ethereum Classic (ETC)
- Ethereum merge
- PoW to PoS transition
- Mining migration
- Bitmain investment
- ETH PoW fork
- Blockchain immutability
- Post-mining ecosystem
These terms reflect both technical shifts and investor sentiment shaping the current landscape.
Frequently Asked Questions (FAQ)
Why is ETC rising now?
ETC's price surge coincides with Ethereum's impending shift to PoS. Miners are seeking viable alternatives, and ETC's technical compatibility makes it a top choice. Increased speculation and Bitmain’s $10 million investment have further boosted confidence.
Will Ethereum miners really switch to ETC?
Many miners are likely to transition—at least temporarily. ETC uses the same Ethash algorithm as pre-merge Ethereum, allowing seamless repurposing of existing GPUs and ASICs without costly upgrades.
Is ETC secure enough for large-scale mining?
Historically, ETC has faced security challenges, including multiple 51% attacks. However, a significant increase in hash rate from migrating miners could enhance network security by making attacks more expensive.
What happens to old Ethereum mining rigs after the merge?
Without a new PoW chain to mine, most rigs will become obsolete unless redirected to networks like ETC or newly forked ETH PoW chains. Some manufacturers may repurpose hardware for other computational tasks.
Could an ETH PoW fork compete with ETC?
Yes—several community-led initiatives aim to preserve Ethereum’s PoW chain post-merge. However, these forks face challenges in gaining developer support, exchange listings, and long-term viability compared to established alternatives like ETC.
Is Bitmain’s investment purely profit-driven?
Largely yes. By supporting ETC, Bitmain helps maintain demand for its mining hardware. A thriving PoW ecosystem ensures continued sales and relevance in a rapidly evolving market.
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The Road Ahead for Ethereum Classic
The future of ETC hinges on whether it can evolve from a philosophical relic into a robust, secure blockchain capable of supporting a large-scale mining community. While its commitment to immutability appeals to decentralization purists, real-world resilience requires active development, exchange support, and sustained participation.
If Bitmain’s investment catalyzes broader ecosystem growth—and if miners bring not just hash power but also innovation—ETC could experience more than just a temporary price pump. It might reclaim relevance in the broader blockchain narrative.
Yet challenges remain: security vulnerabilities, limited smart contract adoption, and competition from other PoW chains.
Ultimately, ETC’s rally isn't just about price—it's about survival in a post-PoW era. Whether it becomes a haven for displaced miners or fades into obscurity depends on how well it balances ideology with practicality.
As the September 19 merge looms closer, all eyes are on ETC—not just as a speculative asset, but as a potential lifeline for an entire segment of the crypto ecosystem.